True costs of Tooth Fairy and Easter Bunny....

A happy child holds up her tooth and shows off a gap. (Image: Getty Images/iStockphoto)

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FROM cash gifts for Easter to decorating the house as though the Tooth Fairy has paid a visit, new research reveals how much money parents in the Midlands are spending to keep childhood characters alive for their kids.

The research from cashback shopping site TopCashback.co.uk finds that parents are spending £2,200 per child because they think these characters are an important part of childhood and they want to create memories for their children.

However, a fifth (20 per cent) of parents in the midlands feel under pressure to spend money on keeping these childhood figures alive and as a result are also giving their kids extra gifts. This stress has caused 27 per cent of parents to go over budget.

A visit from the Tooth Fairy costs parents in the Midlands, on average, £5. With children losing 20 milk teeth over their childhood, that is £100 per child.

Parents also spend £20 giving their children gifts and letters from the Tooth Fairy and decorating the house to make children believe they visited. Half (50 per cent) of parents also give their children money on top of what is from the Tooth Fairy.

With Easter, there comes a £29 bill. Parents organise Easter egg hunts and give their children gifts and money from the Easter Bunny. On top of those treats, 56 per cent of parents give their children extra eggs and 11 per cent give gifts and money.

Parents in the Midlands spend £141 per child each Christmas to bring Santa Claus to life. This includes letters and gifts from Santa, trips to his grotto and even holidays to Lapland. However, 76 per cent of children also get gifts from their parents meaning the overall Christmas spend for parents is much higher.

On average, children stop believing in these fictional characters around the age of 10 meaning parents could fork out more than £2,200 in total for each child.

Natasha Rachel Smith, consumers affairs editor for TopCashback.co.uk , said: “Characters like the Tooth Fairy and Easter Bunny are an enjoyable part of childhood. However, parents should not feel pressured to spend a lot of money or go over budget. There are cheap ways to bring these figures to life without a huge expense.

“If parents do want to give their children gifts, it is a good opportunity to teach them the value of money and saving, encouraging them to keep a little for their piggy bank.”